IOG’s projects are mid-stage to advanced and the first pre-feasibility study is expected to be commissioned within 12 to 24 months, and if positive to lead to bankable feasibility study commencement within 24 to 48 months.

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UGANDAN PROJECTS

IOG has a joint venture with Roraima Mining Company Ltd (RMC) to acquire a 70% interest in each of three licences in south eastern Uganda by spending a minimum of US$1.5 million on each licence and completing a bankable feasibility study on any of the licences. The most advanced asset is the Busia Project which warrants further drill testing with a view to defining an initial >500,000 ounce JORC compliant open pittable mineral resource, as well as exploratory drilling to test the magnitude and tenor of the mineralisation at depth. All licences have had extensive prior exploration including a recent diamond drilling and trenching program conducted by IOG on Busia. Significant gold mineralisation has been intersected (a best drillhole intersection of 10.08m @ 2.8g/t and a trench intersection of 15m @ 3.82g/t). It is expected that a JORC or SAMREC compliant inferred gold resource will be delineated when the modeling is done. The other two licences have all had first pass exploration which returned excellent results defining a number of drill ready and follow-up targets. These are rated very highly by IOG.

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TANZANIAN PROJECTS

IOG has six 100% owned prospecting licences that cover three Archaean gold prospects in Tanzania (subject to current re-applications). These consist of Simba Sirori Gold Project located within the southern part of the Musoma greenstone belt and is located 10 kilometres south-southwest of the North Mara Mine (3.3 million ounces gold) owned by Barrick Gold Corporation in northern Tanzania; the Magamba and Siga Hills projects, located 15 kilometres south of the Nyanzaga property on which Barrick and Sub-Saharan have announced a 4.5 million ounce resource; and the Bukoli Project, strategically located at the southeastern end of Iamgold’s Buckreef project area (Inferred Resource of 1.93 million ounces gold).

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ETHIOPIAN PROJECT

IOG has also secured the right by way of a joint venture with Addis Resources Development Pty Ltd (ARDCO) to acquire a 70% interest in the Agusha-Gumu Dunga Gold Project located in western Ethiopia by spending a minimum of US$0.3 million and completing a bankable feasibility study. This licence has had first pass surface exploration which has generated a coincident 2.4km long soil and IP/resistivity anomally which is open to the north. Limited first pass 3-hole diamond drilling follow-up intersected a highly altered and veined zone containing gold.

NEW PROJECTS

IOG is continually seeking to secure further quality gold exploration projects.